North America Industrial Chillers Market Forecast (2024-2031)
The North America industrial chillers market size is expected to reach US$ 931.20 million by 2031 from US$ 646.39 million in 2023. The market is estimated to record a CAGR of 4.7% from 2023 to 2031. The demand for energy-efficient and sustainable industrial chillers is expected to bring new market trends.
North America Industrial Chillers Market Analysis
An increase in demand from the manufacturing industry, the growth of the market for renting and leasing industrial chillers, and stringent regulations in the food and pharmaceutical industries are driving the North America industrial chillers market. However, fluctuations in the pricing of raw materials and high energy costs are restraining the market's growth. Furthermore, retrofitting older chillers to meet new energy efficiency standards and growing number of craft breweries and microbreweries in North America are expected to create an opportunity for the market growth. The demand for energy-efficient and sustainable industrial chillers is likely to bring new trends to the market.
North America Industrial Chillers Market Overview
Industrial chillers act as a chiller system that removes heat from the industrial processes. These chillers cool viscous liquids, such as chemicals and water, used in various industries such as pharmaceuticals, food & beverages, and industrial manufacturing. The industrial process generates heat from activities such as friction, burning, or equipment. Industrial chillers are used to avoid any fire breakout and increase the longevity of the equipment. These conventional systems differ from HVAC chillers in most ways, including water circuitry and component integration. Pharmaceuticals, food production, petrochemicals, plastic production, and metal plating are among the industries that use industrial chiller for their manufacturing process. For example, in food processing plants, to chill food or beverage storage units, industrial chillers are used to circulate chilled propylene glycol through cooling coils. Wineries and breweries widely use these chillers to maintain the ideal temperature for their products. Food manufacturers use them to cool ice cream makers and dough mixers.
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North America Industrial Chillers Market: Strategic Insights
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North America Industrial Chillers Market Drivers and Opportunities
Increase in Demand from Manufacturing Industry
The manufacturing industry in North America is the prime source that drives economic growth. According to the OECD TiVA database 2023 update, the US is the second-largest manufacturing country after China. The government authorities in the region are focused on boosting their manufacturing industry to drive their economic growth, promote innovation, and fuel the industrial competitiveness of the region in the global market. Various government initiatives, research and development spending, focus on the domestic markets, and a rise in trade activities are among the factors that drive the manufacturing industry in the region. For example, investments under CHIPS and the Science Act have encouraged the growth of the semiconductor industry. In August 2022, the Biden-Harris Administration implemented an industrial strategy to revitalize domestic manufacturing by signing into law the bipartisan CHIPS and Science Act of 2022. It strengthened American manufacturing, supply chains, and national security and invested in research and development, science, and technology. As industrial chillers are crucial in the manufacturing industry, the growth of the manufacturing industry drives the industrial chillers market growth.
Retrofitting Older Chillers to Meet New Energy Efficiency Standards
Due to the rising concern over CO2 emissions, government authorities in North America are focused on integrating energy-efficient and sustainable solutions. With the stringent regulations, market players are focused on reducing their energy costs and environmental impact. This fosters the demand for the retrofits of the industrial chiller system. Government authorities also support the renovation of the older facilities and equipment. For example, in August 2023, the Biden Administration announced an investment of US$ 15.5 billion to support a strong and just transition to electric vehicles, retool existing plants, and rehire existing workers. Moreover, in February 2024, the governments of Canada and Ontario invested more than US$ 13 million through the Sustainable Canadian Agricultural Partnership (Sustainable CAP) to assist free-standing meat processors and abattoirs in the province with upgrades to increase productivity and efficiency while maintaining Ontario's high food safety standards. The Sustainable CAP is providing cost-shared funding for 151 projects to upgrade meat handling and processing equipment, technologies, and practices to increase production capacity and competitiveness in Ontario's meat processing plants and abattoirs. With the retrofit approach, manufacturers can meet the energy efficiency and sustainability standards. Retrofitting also helps avoid the higher capital expenditure of full system replacement. Such investments foster the retrofitting of older chiller systems and drive the demand for energy-efficient and sustainable industrial chillers. Thus, retrofitting older chillers to meet new energy efficiency standards is expected to provide a growth opportunity for the industrial chillers market.
North America Industrial Chillers Market Report Segmentation Analysis
Key segments that contributed to the derivation of the North America industrial chillers market analysis are chiller type, process, and application.
- Based on chiller type, the industrial chiller market is segmented into water cooled chillers and air cooled chillers. The water cooled chillers segment dominated the market in 2023.
- In terms of process, the industrial chiller market is segmented into continuous flow chillers and immersion chillers. The continuous flow chillers segment dominated the market in 2023.
- Based on application, the industrial chiller market is segmented into food & beverage processing, medical equipment, industrial manufacturing, and others. The industrial manufacturing segment dominated the market in 2023.
North America Industrial Chillers Market Share Analysis by Country
- The North America industrial chillers market is segmented into the US, Canada, and Mexico.
- According to Cadrex Manufacturing Solutions, the manufacturing industry in North America is reviving post-pandemic, fueled by strong incentives and consumer demand. The region was inclined toward faster production at lower cost through partnerships with players in Asia Pacific. However, the manufacturing industry in the region began to foster growth by partnering with contract manufacturers and precision local manufacturing companies. The government authorities in the region are focused on introducing various legislations, initiatives, and regulations that complement the growth of the manufacturing industry in the region. For example, as part of the Inflation Reduction Act (IRA), the government authorities are focused on minimizing inflation and investments in domestic energy production. For example, IRA features an Advanced Manufacturing Production tax credit that incentivizes the domestic production of clean energy technologies—including wind components, solar components, inverters, and battery components. The 2022 bipartisan CHIPS and Science Act drives the research development and production of semiconductors in the region. Bipartisan Infrastructure Law includes funding for battery production, water treatment plants, and other activities, creating huge opportunities for the contractor manufacturers of the region. Thus, the rise in the production of semiconductors, batteries, and several other components contributes to the demand for industrial chillers to dissipate the heat during the various stages of manufacturing.
North America Industrial Chillers Market Report Scope
North America Industrial Chillers Market News and Recent Developments
The North America industrial chillers market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the North America industrial chillers market are listed below:
- Carrier (Carrier Corporation) introduced the AquaForce Vision 30KAV with PUREtec refrigerant, a new line of high-performance, compact process cooling chillers with ultra-low Global Warming Potential (GWP) refrigerant R-1234ze. The new chiller line is optimized for industrial processing such as food manufacturing, pharmaceuticals, chemicals, plastics, metal industries, and applications requiring ultra-reliable cooling up to -12 degrees Celsius. Carrier is part of Carrier Global Corporation, the global provider of healthy, safe, sustainable, and intelligent building and cold-chain solutions.
(Source: Carrier Corporation, Press Release, March 2022)
- Daikin Applied introduced an enhanced Navigator WWV water-cooled screw chiller with low-global warming potential (GWP) R-513A refrigerant. In addition to delivering industry-leading performance, customers can pair the new chiller with an optional Templifier TWV water heater for an energy- and cost-efficient heat recovery solution.
(Source: Daikin Applied, Press Release, March 2024)
North America Industrial Chillers Market Report Coverage and Deliverables
The "North America Industrial Chillers Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- North America industrial chillers market size and forecast at country levels for all the key market segments covered under the scope
- North America industrial chillers market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- North America industrial chillers market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the North America industrial chillers market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The incremental growth expected to be recorded for the North America industrial chillers market during the forecast period is US$ 284.81 million.
The North America industrial chillers market is expected to reach US$ 931.20 million by 2031.
The key players holding majority shares in the North America industrial chillers market are Thermo Fisher Scientific Inc.; Johnson Control Inc; Daikin Industries Ltd; Carrier Global Corp; and Trane Technologies Plc.
Demand for energy-efficient and sustainable industrial chillers which is anticipated to play a significant role in the North America industrial chillers market in the coming years.
Increase in demand from the manufacturing industry, the growth of the market for renting and leasing industrial chillers, and stringent regulations in the food and pharmaceutical industries are the major factors that propel the North America industrial chillers market.
The North America industrial chillers market was estimated to be US$ 646.39 million in 2023 and is expected to grow at a CAGR of 4.7 % during the forecast period 2023 – 2031.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. North America Industrial Chillers Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. North America Industrial Chillers Market – Key Market Dynamics
5.1 North America Industrial Chillers Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Increase in Demand from Manufacturing Industry
5.2.2 Growth of Market for Renting and Leasing Industrial Chillers
5.2.3 Stringent Regulations in Food and Pharmaceutical Industries
5.3 Market Restraints
5.3.1 Rise in Energy Costs
5.3.2 Fluctuation in Prices of Raw Materials
5.4 Market Opportunities
5.4.1 Retrofitting Older Chillers to Meet New Energy Efficiency Standards
5.4.2 Growing Number of Craft Breweries and Microbreweries in North America
5.5 Market Trends
5.5.1 Demand for Energy-Efficient and Sustainable Industrial Chillers
5.6 Impact of Drivers and Restraints:
6. North America Industrial Chillers Market – Global Market Analysis
6.1 North America Industrial Chillers Market Revenue (US$ Million), 2021–2031
6.2 North America Industrial Chillers Market Forecast Analysis
7. North America Industrial Chillers Market Analysis – by Chiller Type
7.1 Water Cooled Chillers
7.1.1 Overview
7.1.2 Water Cooled Chillers: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Air Cooled Chillers
7.2.1 Overview
7.2.2 Air Cooled Chillers: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8. North America Industrial Chillers Market Analysis – by Process
8.1 Continuous Flow Chillers
8.1.1 Overview
8.1.2 Continuous Flow Chillers: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Immersion Chillers
8.2.1 Overview
8.2.2 Immersion Chillers: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9. North America Industrial Chillers Market Analysis – by Application
9.1 Industrial Manufacturing
9.1.1 Overview
9.1.2 Industrial Manufacturing: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.1.2.1 Machine Tool
9.1.2.1.1.1 Overview
9.1.2.1.2 Machine Tool: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.1.2.2 Laser Systems
9.1.2.2.1.1 Overview
9.1.2.2.2 Laser Systems: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.1.2.3 Others
9.1.2.3.1 Overview
9.1.2.3.2 Others: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Food and Beverage Processing
9.2.1 Overview
9.2.2 Food and Beverage Processing: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Medical Equipment
9.3.1 Overview
9.3.2 Medical Equipment: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Others
9.4.1 Overview
9.4.2 Others: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10. North America Industrial Chillers Market – Regional Analysis
10.1 North America: North America Industrial Chillers Market – Revenue and Forecast Analysis – by Country
10.1.1 North America: North America Industrial Chillers Market – Revenue and Forecast Analysis – by Country
10.1.1.1 United States: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.1.1 United States: North America Industrial Chillers Market Breakdown, by Chiller Type
10.1.1.1.2 United States: North America Industrial Chillers Market Breakdown, by Process
10.1.1.1.3 United States: North America Industrial Chillers Market Breakdown, by Application
10.1.1.1.3.1 United States: North America Industrial Chillers Market Breakdown, by Type
10.1.1.2 Canada: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 Canada: North America Industrial Chillers Market Breakdown, by Chiller Type
10.1.1.2.2 Canada: North America Industrial Chillers Market Breakdown, by Process
10.1.1.2.3 Canada: North America Industrial Chillers Market Breakdown, by Application
10.1.1.2.3.1 Canada: North America Industrial Chillers Market Breakdown, by Type
10.1.1.3 Mexico: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 Mexico: North America Industrial Chillers Market Breakdown, by Chiller Type
10.1.1.3.2 Mexico: North America Industrial Chillers Market Breakdown, by Process
10.1.1.3.3 Mexico: North America Industrial Chillers Market Breakdown, by Application
10.1.1.3.3.1 Mexico: North America Industrial Chillers Market Breakdown, by Type
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Merger and Acquisition
12.4 New Product Development
13. Company Profiles
13.1 Haskris
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Dimplex Thermal Solutions
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Thermo Fisher Scientific Inc.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Advantage Engineering, Inc.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 HYDAC International GmbH
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 MTA S.p.A.
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 KKT chillers, Inc.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Drake Refrigeration Inc
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Atlas Copco AB
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Daikin Industries Ltd
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
13.11 Carrier Global Corp
13.11.1 Key Facts
13.11.2 Business Description
13.11.3 Products and Services
13.11.4 Financial Overview
13.11.5 SWOT Analysis
13.11.6 Key Developments
13.12 Friulair Srl
13.12.1 Key Facts
13.12.2 Business Description
13.12.3 Products and Services
13.12.4 Financial Overview
13.12.5 SWOT Analysis
13.12.6 Key Developments
13.13 Smardt Chiller Group Inc
13.13.1 Key Facts
13.13.2 Business Description
13.13.3 Products and Services
13.13.4 Financial Overview
13.13.5 SWOT Analysis
13.13.6 Key Developments
13.14 Trane Technologies Plc
13.14.1 Key Facts
13.14.2 Business Description
13.14.3 Products and Services
13.14.4 Financial Overview
13.14.5 SWOT Analysis
13.14.6 Key Developments
13.15 Blue Star Ltd
13.15.1 Key Facts
13.15.2 Business Description
13.15.3 Products and Services
13.15.4 Financial Overview
13.15.5 SWOT Analysis
13.15.6 Key Developments
14. Appendix
14.1 Word Index
14.2 About The Insight Partners
List of Tables
Table 1. North America Industrial Chillers Market Segmentation
Table 2. List of Vendors
Table 3. North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Chiller Type
Table 5. North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Process
Table 6. North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 7. North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 8. North America: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 9. United States: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Chiller Type
Table 10. United States: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Process
Table 11. United States: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 12. United States: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 13. Canada: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Chiller Type
Table 14. Canada: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Process
Table 15. Canada: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 16. Canada: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 17. Mexico: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Chiller Type
Table 18. Mexico: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Process
Table 19. Mexico: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 20. Mexico: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 21. Company Positioning & Concentration
Table 22. List of Abbreviation
List of Figures
Figure 1. North America Industrial Chillers Market Segmentation, by Geography
Figure 2. PEST Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. North America Industrial Chillers Market Revenue (US$ Million), 2021–2031
Figure 5. North America Industrial Chillers Market Share (%) – by Chiller Type (2023 and 2031)
Figure 6. Water Cooled Chillers: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Air Cooled Chillers: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. North America Industrial Chillers Market Share (%) – by Process (2023 and 2031)
Figure 9. Continuous Flow Chillers: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Immersion Chillers: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. North America Industrial Chillers Market Share (%) – by Application (2023 and 2031)
Figure 12. Industrial Manufacturing: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Machine Tool: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Laser Systems: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Others: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Food and Beverage Processing: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Medical Equipment: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Others: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. North America: North America Industrial Chillers Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 20. United States: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million)
Figure 21. Canada: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million)
Figure 22. Mexico: North America Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million)
Figure 23. Heat Map Analysis by Key Players
The List of companies - North America Industrial Chillers Market
- Haskris
- Dimplex Thermal Solutions
- Thermo Fisher Scientific Inc.
- Advantage Engineering, Inc.
- HYDAC International GmbH
- MTA S.p.A.
- KKT chillers, Inc.
- Drake Refrigeration Inc
- Atlas Copco AB
- Daikin Industries Ltd
- Carrier Global Corp
- Friulair Srl
- Smardt Chiller Group Inc
- Trane Technologies Plc
- Blue Star Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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